KeyCorp Strengthens Board and Repositions Portfolio

KeyCorp ( (KEY) ) has issued an announcement.

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KeyCorp has announced the appointment of Jacqueline Allard and Somesh Khanna to its Board of Directors, effective immediately, as part of their investment agreement with Scotiabank. These appointments align with Scotiabank’s director designation rights following their strategic minority investment in KeyCorp, where they acquired approximately 14.9% of KeyCorp’s common stock with a $2.0 billion investment. In conjunction with this strategic move, KeyCorp has also completed a strategic repositioning of its available-for-sale investment securities portfolio, resulting in a $700 million after-tax loss in Q4 2024. The repositioning involved selling $3 billion in low-yielding securities and reinvesting in higher-yielding options, enhancing the company’s financial positioning moving forward. This strategic partnership and financial restructuring are anticipated to strengthen KeyCorp’s market position and long-term shareholder value.

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More about KeyCorp

KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the United States. With assets of approximately $190 billion as of September 30, 2024, KeyCorp provides a range of services including deposit, lending, cash management, and investment services through its KeyBank National Association. It operates a network of approximately 1,000 branches and 1,200 ATMs across 15 states. Additionally, KeyCorp offers corporate and investment banking products under the KeyBanc Capital Markets trade name.

YTD Price Performance: 25.13%

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Average Trading Volume: 9,357,988

Technical Sentiment Consensus Rating: Strong Sell

Current Market Cap: $16.96B

Find detailed analytics on KEY stock on TipRanks’ Stock Analysis page.